BAKU, Azerbaijan, December 1. The Central Bank of Azerbaijan (CBA) has established a working group of the banking and the financial technology representatives as part of the Open Banking implementation, Head of the CBA FinTech and Innovations Division Sahib Hasanov told Trend.
According to him, the bank plans to prepare standards to be applied in Open Banking by the end of 2022.
"After the adoption of the law "On payment systems and services," these standards are supposed to be integrated with banks' public APIs from 2023," he said.
Hasanov stressed that the Central Bank would provide banks with consulting and methodological support for the integration of Open Banking.
In 2021, the bank designed a roadmap for Open Banking spanning the implementation period till 2025.
